The Manhattan real estate market exhibited significant fluctuations in September 2023, according to the latest market data. These changes encompassed shifts in median sale prices, price per square foot, and transaction volumes, reflecting a dynamic and evolving real estate landscape in the city.
1. Median Sale Price: Down 11.4% YoY
September 2023 witnessed a median sale price of $975,000 for Manhattan homes, showcasing an 11.4% year-over-year decline. This substantial drop underscores the evolving market conditions, potentially influenced by various economic factors affecting buyer behavior.
2. Median Price/Sqft: 2.5% YoY Decrease
The median price per square foot in Manhattan for the same month registered at $1,344, indicating a 2.5% year-over-year decrease. This metric highlights the softening of property values per square foot, contributing to the overall decline in median prices.
3. Transaction Volume Soars by 66.1% YoY
September 2023 witnessed an impressive surge in real estate transactions in Manhattan, totaling 2,521 properties changing hands. This represents a remarkable 66.1% growth compared to the same month the previous year. The heightened transaction volume suggests robust market activity, possibly driven by increased demand and favorable financing conditions.
4. Comparison with New York City
In comparison to the broader New York City real estate market, Manhattan maintained a higher median sale price at $975,000, while New York City's median was $680,000 for September 2023. Both markets experienced declines in median prices, with Manhattan's year-over-year change at -11.4% and New York City's at -9%, with Manhattan's decline being more pronounced.
The Manhattan real estate market is dynamic and influenced by factors such as economic conditions, changing buyer preferences, and evolving market dynamics. Owners must closely monitor and adapt to these trends. Buyers, sellers, and real estate professionals should take these factors into account when making decisions, as they will continue to shape the future of Manhattan's real estate market. Broadway Realty is a leading real estate advisory firm with expertise in luxury sales market. Our seasoned professional Alexander Bogod possess a deep understanding of the local market, providing invaluable insights and guidance to clients navigating the ever-changing real estate landscape in Manhattan.
Disclaimer: This press release is based on data available as of September 2023 and is intended for informational purposes only. Actual market conditions may vary, and individuals should consult with real estate professionals for specific advice and investment decisions.
For media inquiries, please contact:
Broadway Realty
Website: https://broadwayrealty.com/
Email: Abogod@BroadwayRealty.com
Call: 212 577-2270